RUSSIA: 2018 claims against the ROSGOSSTRAKH group exceeded 30% of its GWP

By the end of 2018, the total amount claimed in lawsuits against ROSGOSSTRAKH group reached RUB 21.1 billion, equivalent to 30.5% of the group's total GWP and 39.8% of its paid claims, ASN reported.

According to consolidated financial statements of the ROSGOSSTRAKH group, due to filed claims, the group formed reserves for claim losses and court expenses in the amount of RUB 10.5 billion. The reserve for lawsuits at the end of 2018 was RUB 945 million (vs RUB 340 million in 2017).

The group's management believes that the final amount of obligations under legal proceedings will not have an adverse material effect on the financial position or further activities of the group.

In turn, ROSGOSSTRAKH filed a claim in the amount of RUB 151 billion against KAPITAL Life insurance for the use of 13 trademarks (RGS, RGS Life and others).